MAPFRE International and MAPFRE North America Organizational Announcement

WEBSTER, Mass., May 3, 2016 /PRNewswire/ -- The Board of Directors of MAPFRE S.A. has approved the following appointments, which will take effect on January 1, 2017.

INTERNATIONAL TERRITORIAL AREA

Jaime Tamayohas been promoted to CEO of the INTERNATIONAL Territorial Area of MAPFRE. In his new responsibilities, Mr. Tamayo will oversee three Regions at MAPFRE: the North America Region, the EMEA Region comprising Europe, Middle East and Africa, and the Asia Pacific Region. He will succeed Javier Fernández-Cid in this position, who will retire at the end of the year. Jaime Tamayo is currently the CEO of MAPFRE USA Corp. and CEO of MAPFRE's North America Region.

Since joining MAPFRE in 1993, Mr. Tamayo has held a number of executive positions in Puerto Rico and the U.S. He has been leading MAPFRE's operations in the United States since 2001 and in January 2014, he assumed additional regional responsibility as CEO of MAPFRE North America (USA, Canada and Puerto Rico), overseeing revenues in excess of $3.1 billion.

As CEO of MAPFRE USA, Mr. Tamayo has been instrumental in the substantial expansion of MAPFRE's business in the U.S. from a nominal presence in early 2008 to achieving revenues exceeding $2.3 billion in 2015. Under his direction, MAPFRE solidified its leadership position in Massachusetts where MAPFRE is the largest Auto, Homeowners and Commercial Auto insurer and the company expanded its presence outside Massachusetts where it now does business in 19 states. MAPFRE USA also launched U.S. Life Insurance operations in 2015. MAPFRE's brand recognition in the United States saw a threefold increase during Mr. Tamayo's tenure. He also spearheaded the distribution transformation of MAPFRE USA, launching new channels including entering the increasingly important digital channel.

NORTH AMERICA REGIONAL AREA

Alfredo Castelo, as CEO of MAPFRE USA Corp. and CEO of the North America Region.

Mr. Tamayo will be succeeded by Alfredo Castelo, who is currently CEO of MAPFRE Global Risks. Mr. Castelo holds a degree in economics and actuarial sciences.

Mr. Castelo joined MAPFRE as a Deputy Manager in the MAPFRE INDUSTRIAL General Management in 2004. During his career at MAPFRE, he has had considerable international experience and has held a number of executive level positions including CEO of MAPFRE CAUCIÓN Y CRÉDITO as well as senior management positions at MAPFRE EMPRESAS and MAPFRE INTERNACIONAL. In October 2010 he was appointed Third Vice Chairman of the Global Businesses Management Committee. Mr. Castelo also serves as Vice Chairman of Solunion.

All changes will take effect on January 1, 2017.

ABOUT MAPFRE INSURANCEMAPFRE Insurance, rated "A" (Excellent) by A.M. Best Company, actively writes property and casualty insurance in 19 states across the United States through a network of more than 4,200 independent agents and brokers. MAPFRE Insurance is the 19th largest provider of personal automobile insurance and the 20th largest personal lines insurer in the United States. MAPFRE Insurance is also the largest private passenger automobile insurer, homeowners' insurer and commercial automobile insurer in Massachusetts. MAPFRE Insurance provides a full range of insurance products, including coverage for automobiles, homes, motorcycles, watercraft and businesses, as well as term life insurance. MAPFRE Insurance is part of the MAPFRE Group, an international insurer with business in 49 countries on five continents. The MAPFRE Group is the leading insurer in Spain. It is also the leading insurer in the non-life market in Latin America and the sixth largest non-life insurer in Europe. The MAPFRE Group has over 36,000 employees and over 23 million customers worldwide. In 2015, the MAPFRE Group had net earnings of over $780 million with revenues of approximately $30 billion.